The government is opening direct access for Barbadian businesses to regional development financing and export markets, as full membership in the Development Bank of Latin America and the Caribbean (CAF) clears the way for private sector borrowing and investment, Finance Minister Ryan Straughn announced on Tuesday.

With Barbados now a full member of the Caracas-based bank, firms can access funding, financial advisory services and international partnerships. For the past 12 years, only the government could borrow from CAF. The change allows business owners to seek financing to expand operations and enter export markets.

Straughn told business leaders in a Private Sector Dialogue at the Sagicor School of Business at the University of the West Indies at Cave Hill that economic growth cannot continue to rely primarily on public spending. He said expansion in exports and private enterprise would be critical.